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BM1101 Business Economics (PRD2 A 2023/24)

BM1101 Business Economics (PRD2 A 2023/24)

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Welfare economics is the study of

the well-being of less fortunate people.

welfare programs in the United States.

how the allocation of resources affects economic well-being.

the effect of income redistribution on work effort.

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Figure 6-18

The vertical distance between points A and B represents the tax in the market.

Refer to Figure 6-18. The price that buyers pay after the tax is imposed is

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A tax imposed on the sellers of a good will

raise both the price buyers pay and the effective price sellers receive.

raise the price buyers pay and lower the effective price sellers receive.

lower the price buyers pay and raise the effective price sellers receive.

lower both the price buyers pay and the effective price sellers receive.

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Figure 6-9

A graph of price, P, versus quantity, Q, shows a supply curve, S, rising linearly from (0, 1) to (40, 11), and a demand curve, D, descending linearly from (0, 11) to (40, 1). The curves intersect at (20, 6).

Refer to Figure 6-9. A price ceiling set at

$4 will be binding and will result in a shortage of 8 units.

$4 will be binding and will result in a shortage of 16 units.

$7 will be binding and will result in a surplus of 4 units.

$7 will be binding and will result in a surplus of 8 units.

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A price ceiling is binding when it is set

above the equilibrium price, causing a shortage.

above the equilibrium price, causing a surplus.

below the equilibrium price, causing a shortage.

below the equilibrium price, causing a surplus.

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A binding minimum wage tends to

cause a labor surplus.

cause unemployment.

have the greatest impact in the market for teenage labor.

All of the above are correct.

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An economy's production of two goods is efficient if

the goods are produced using only some of society's available resources.

the opportunity cost of producing more of one good is zero.

it is impossible to produce more of one good without producing less of the other.

all members of society consume equal portions of the goods.

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Consider the market for gasoline. Buyers

would lobby for a price floor, whereas sellers would lobby for a price ceiling.

would lobby for a price ceiling, whereas sellers would lobby for a price floor.

and sellers would lobby for a price floor.

and sellers would lobby for a price ceiling.

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Scenario 13-10

Jessica makes photo frames. She spends $5 on the materials for each photo frame. She can create one photo frame in an hour. She earns $10 per hour at a part-time job at the local coffee shop. She can sell a photo frame for $30 each.

Refer to Scenario 13-10. An economist would calculate the total cost for one photo frame to be

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Bubba is a shrimp fisherman who could earn $5,000 as a fishing tour guide. Instead, he is a full-time shrimp fisherman. In calculating the economic profit of his shrimp business, the $5,000 that Bubba gave up is counted as part of the shrimp business's

implicit costs.

marginal costs.

explicit costs.

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